Macrotech Developers Ltd. share price forecast

Macrotech Developers (LODHA) delivered an inline Q2FY22 performance with sales bookings of Rs20.0bn which were up 88% YoY and 109% QoQ. With five new JDA signings in H1FY22 having potential cumulative sale value of Rs45bn of which three
projects have been launched in Sep’21, we believe that the company is on track to achieve Rs 85-90bn of sales bookings in FY22E and also reduce its India net debt to
Rs100bn by Mar’22. We revise our target price to Rs1,129/share (earlier Rs927)
assigning a 25% premium to our Mar’22 NAV of Rs904/share considering new JDA
signings and retain our ADD rating.

Macrotech Developers Limited Issue Open: April 07 April 09, 2021, Price Band: Rs. 483 486, *Issue Size: 51,440,329 eq shares, Issue Size: Rs. 2484.6 2500.0 cr, Reservation for: QIB Upto 50% eq sh, Non Institutional atleast 15% eq sh, Retail Upto 35% eq sh, *Employee Upto 617,284 eq sh, Face Value: Rs 10, Book value:Rs. 97.03 (Dec 31, 2020) Bid size: - 30 equity shares and in multiples thereof

The Mumbai Metropolitan Region (MMR) is considered the most attractive real estate market in the Top Seven Indian Markets, having the largest share of supply and absorption, and highest average base selling price. In this region, MDL has developed a strong brand and has existing land reserves, industry knowledge and regulatory environment know-how. This, in turn, has aided the company to attain a leadership position in South Central Mumbai, Thane and the Extended Eastern Suburbs micro-markets of the MMR, with the largest share of supply (by units), absorption (by value) and...

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